Production of travel services in Mexico saw steady growth from 2013 to 2019, with a notable surge in 2016 and 2017. However, there was a significant decline in 2020 due to the COVID-19 pandemic, with a 13.79% year-on-year decrease. Recovery began in 2021 with a 12.39% increase and continued strongly into 2022 with a 14.94% rise. By 2023, production stood at 33.64 billion Mexican Pesos, a 3.27% year-on-year growth, reflecting a successful recovery trajectory. The 5-year CAGR leading up to 2023 was 3.36%. Future forecasts indicate a stable growth path, with a 5-year CAGR of 2.44% and a forecasted value of 39.02 billion Mexican Pesos by 2028.
Future trends to watch for include the impact of digital transformation on travel services, the resurgence of international tourism post-pandemic, and evolving consumer preferences towards sustainable travel. Increased investments in infrastructure and innovative travel solutions could further drive growth in this sector.
